The good news is that for most online store owners, the answer to this question is already clear. They know that having a debit or credit card payment option is not just a convenience, but a necessity for any online store. Offering a variety of payment options can increase customer satisfaction and boost sales. In this post, we'll look at why it's important to provide a card payment option and how this trend has been growing in Europe and Bulgaria over the years, backing it up with concrete statistics.
First and foremost, we would highlight the convenience and speed that transacting online provides. Customers do not have to visit bank branches or wait for payments to be processed via other methods. Everything happens in seconds, from entering the details to confirming the purchase. This reduces the time to complete the purchase and makes the whole process more pleasant for the customer.
Second comes the turn of security. Many people feel more secure when using credit or debit cards for online payments, especially if the store uses trusted payment platforms and offers data protection. Banking institutions and card companies often provide additional fraud protection, which increases customer trust in their store.
Undeniably, as we will see from the figures later in the post, the increase in sales is also linked to the card payment option. Research shows that customers are more likely to complete their purchase if they have the option to pay by card. Not having this option can lead to cart abandonment and loss of potential sales. In addition, customers who pay with a credit card are often more likely to make larger purchases because they have the option to spread out their payments.
Many online stores owned by Bulgarian entrepreneurs now operate in the foreign market. Along these lines, if your online store has international ambitions, a card payment option is a must. Credit and debit cards are widely used around the world, and offering this payment method can attract customers from different countries. This gives you the opportunity to expand your market and reach a wider audience.
We will now give some examples of the card payment trend in Europe, and in Bulgaria in particular.
The card payment trend in Europe is constantly growing. According to the European Central Bank, in 2019 card payments in the European Union reached 52% of all cashless payments, an increase of 8% compared to 2016. At the same time, the number of card transactions increased by 12% year-on-year.
Bulgaria has also seen a significant increase in this type of payments in recent years. According to data from the Bulgarian National Bank, in 2020 the number of card transactions increased by over 20% compared to the previous year. In 2021, the number of card transactions reached 150 million, a significant increase from 100 million in 2017. Also, the value of card transactions increased from BGN 5.5 billion in 2017 to BGN 8.3 billion in 2021.
Finally, we need to take the topic a little further back to the beginning, to the moment before the creation of your online marketplaces. As developers of many stores, we can say that including a debit or credit card payment option in your online store is a strategic decision that can lead to multiple benefits. From convenience and security, to increased sales, to expanding your global reach, offering this payment method is an important factor in the success of your business. With card payments on the rise in Europe and Bulgaria, providing this option is not only recommended, but necessary to meet the needs of today's consumer.
